Engineering Economics Question: A home loan is taken out for $162,000. The loan is for 30...
you have just taken out a 30 year, $120,000 mortgage on your new home. this mortggage is to be repaid in 360 equal monthly installments. if the stated (nominal) annual interest rate is 13.95 %, what is the amount of the INTEREST PORTION od the FIRST monthly installment?
you have just taken out a 30 year $120,000 mortgage on your new home. This mortgage is to be repaid in 360 equal monthly installments. if the stated (nominal) annual interest rate is 15.73 percent, what is the amount of interest portion of the FIRST installment?
A B C A borrower takes out a 29-year mortgage loan for $286,819 with an interest rate of 9%. What would the monthly payment be? A borrower takes out a 30-year mortgage loan for $190,372 with an interest rate of 8% and monthly payments. What portion of the first month's payment would be applied to interest? A borrower has a 25-year mortgage loan for $495,186 with an interest rate of 9% and monthly payments. If she wants to pay off...
Question 3 10 pts A car loan is taken for $19,000 to be paid back in 6 years, with monthly payments of $647. What nominal annual interest rate is being charged in this loan? 0 29.42% 041.66% 0 36.00% 02.45%
You have just taken out a 13 -year, $ 267 ,000 mortgage loan at an annual interest rate of 7.5 percent. The mortgage has monthly payments. What is the amount of each payment? Calculate your answer to the nearest $.01. Enter your answer as a postive number. Do not use the $ or , sign.
Engineering economics Engineering Economics Test Fall 2018 NAME 1. (Question a). What is the effective annual interest rate if the nominal annual interest rate is 24 % per year corm pounded quarterly?
10 Page 4 of 10 Question 4 (1 point) A home improvement loan is to be repaid by equal monthly payments for six years. The interest rate is 5.4% compounded monthly and the amount borrowed is $33,500. How much interest will be included in the first payment? Question 4 of 10 | Page 4 of 10 Question 4 (1 point) A home improvement loan is to be repaid by equal monthly payments for six years. The interest rate is 5.4%...
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate. After 28 years, you would like to sell the property. What is your loan balance at the end of 28 years? Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate and your balloon payment is $50,000. What is your...
3. A $300,000 home loan is amortized by equal monthly payments for 25 years, starting one month from the time of the loan at a nominal rate of 7% convertible monthly. a. Find the monthly payment amount. b. Find the outstanding balance when 10 years of payments remain. c. Find the total interest paid during the last 10 years of the loan? 4. Eddie is repaying a 20-year loan of 10,000 with payments at the end of each year. Each...
Prepare the first row of a loan amortization schedule based on the following information. The loan amount is for $31,060 with an annual interest rate of 11.00%. The loan will be repaid over 28 years with monthly payments. a) What is the Loan Payment? b) What portion of this payment is Interest? c) What portion of this payment is Principal? d) What is the Loan balance after first monthly payment?